FHA Mortgage Loan Q&A

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Comment by judith boggio on October 16, 2009 at 8:56am

FHA GUIDELINES... 2YEARS AFTER CH 7 BANKRUPTCY ...YOU CAN GO BACK INTO OCEAN TO SWIM
A friend was walking down a deserted Mexican beach at sunset. As he walked along, he began to see another man in the distance. As he grew nearer, he noticed that the local native kept leaning down, picking something up and throwing it out into the water. Time and again he kept hurling things out into the ocean. As my friend approached even closer, he noticed that the man was picking up starfish that had washed up on the beach, and, one at a time, he was throwing them back into the water. My friend was puzzled.
He approached the man and said. "Good evening, friend. I was wondering what you are doing."
"I'm throwing these starfish back into the ocean. You see, it's low tide right now and all of these starfish have been washed up onto the shore. If I don't throw them back into the sea, they'll die up here from lack of oxygen."
"I understand," my friend replied, "but there must be thousands of starfish on this beach. You can't possibly get to all of them. There are simply too many. And don't you realize this is probably happening on hundreds of beaches all up and down this coast. Can't you see that you can't possibly make a difference?"
The local native smiled, bent down and picked up yet another starfish, and as he threw it back into the sea, he replied, "Made a difference to that one!"
FHA GUIDELINES 2YEARS AFTER CH 7 BANKRUPTCY ...YOU CAN GO BACK INTO OCEAN

Comment by judith boggio on September 16, 2009 at 9:24pm

FHA CHECKLIST TO START YOUR MORTGAGE
Before you start the FHA loan process, be prepared to provide some information to your loan officer. Have it ready now to save time later.
Picture I.D.
Address to your place of residence (past two years)
Social Security numbers
Names and location of your employers (past two years)
Gross monthly salary at your current job(s)
Pertinent information for all checking and savings accounts
Pertinent information for all open loans
Complete information for other real estate you own
Approximate value of all personal property
Current check stubs and your W-2 forms (past two years)
Personal tax returns (past two years), current income statement and business balance sheet for self-employed individuals
In addition, you will need to pay for a credit report and appraisal of the property.

OH..I DO CREDIT CHECKS FOR FREE

Comment by judith boggio on September 7, 2009 at 11:18am

Houses sold less than 90 days after they were purchased aren't eligible for FHA mortgage insurance;
; those sold between 91 and 180 days are OK but require an additional, independent appraisal to make sure the sales price is justified.

Comment by judith boggio on September 5, 2009 at 10:03am

FHA Home Loans Growing In Spite of Housing Slump
With an estimated $290 billion in FHA loans projected for fiscal 2009, it's clear that while conventional lending markets are hurting the FHA is meeting a serious need for affordable home loans

rite off fha site...

Comment by judith boggio on September 4, 2009 at 11:21am

Appraising Refinances for fha
A standard refinance requires a complete appraisal with all appropriate repair/conditions noted, while a streamline refinance may be insured with or without an appraisal.

Comment by judith boggio on September 4, 2009 at 10:06am

DO YOU HAVE A LISTING THAT NEEDS LOTS OF WORK!
THE 203K MORTGAGE CAN BE YOUR ANSWER
The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work

Comment by judith boggio on September 4, 2009 at 10:05am

FAST GUIDELINES OF FHA ...FICO 560 OK
2yrs after ch7
3yrs after foreclourse
paid off judgements, collections
must have income
down payment can be gift
3.5% down payment
ratio's as high as 54
3 months seasoning on ownership